You'll Never Guess How Much This Home Is Selling For!

A Melbourne home that sold for $206,000 in 1999 has made its return to the market and is valued at $7 million.

The value of the Box Hill house has risen by 3,000 percent in just 17 years.

The 762sqm property at 1 Rodgerson Road is apparently in a prime investment spot for builders and developers.

The land is close to hospitals, schools and has easy access to public transportation. 'Situated within the most sought after development precinct, this is a perfect opportunity for investors, builders and developers to purchase an excellent development site which is situated in an elevated position within Box Hill,' Realtors said.

The home, which has one bathroom and two parking spaces have attracted several offers, but nobody has yet reached the $7 million asking price.

At the moment we are negotiating with three or four parties,' Auctioneer Stuart Rooke, of Ray White Box Hill, told Nine News.

'If a developer wanted to do a 10-storey development in Sydney, they'd be looking at paying a whole lot more than this for the property,' he said.

'It's a no-brainer that they'd consider this a great option.'

Mr Rooke said the owners plan to go on a holiday overseas after the home is sold.